Unable to sell large amounts of debt domestically, Riyadh is reportedly looking to raise up to $15 billion from international investors. It is the largest issue of international debt since Argentina's $16.5 billion bond sale earlier this year.

“They'll come to market and they will come in a big way. They need to fill a big funding gap and there's a limit to how much they can raise domestically,” said Hani Ibrahim, head of debt capital markets at Qatari investment bank QInvest, as quoted by Reuters.

As part of a broader strategy, Riyadh aims to diversify the economy by reducing its reliance on oil. The kingdom wants to raise its share of non-oil exports in non-oil GDP from 16 percent to 50 percent by 2030.

Under a plan called ‘Saudi Vision 2030’, the government announced partial privatization and reform of the state oil company Saudi Aramco. A public offering of the world's most valuable company could make it the largest IPO ever.

The government also plans to create a $2 trillion Public Investment Fund to direct money from the country's oil and gas operations into other sectors.